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Grow SMB Revenues With Buyer-Based Marketing

This is part 3 of a series on the challenge of targeting SMB markets and how the use of buyer-based modeling and buyer-based marketing help organizations to grow their SMB customer base. 

Buyer Persona © All Rights Reserved Cristian Cardenas

The sheer size of the SMB makes for a daunting task for any organization intent on marketing to the SMB segment.  When you consider some Fortune 1000 or Global 2000 organizations can have in the 10’s or 100’s of thousands of companies in their customer bases, the expression of zeroing in on your target buyer can sound near impossible.  It is a dilemma however that cannot be ignored.  The U.S. Small business Administration estimates that the SMB segment accounts for better than 98% of all businesses in the United States.

In the previous article in this series, How To Get To Know The New SMB Buyer, I touched upon the means to get to know the SMB buyer.  Marketing to the SMB segment and buyers should first start with visiting the segmentation issue a little deeper.  There have been many means tried for SMB segmentation whether it is by size, type, vertical, products, solutions, and etc.  To some degree, they have helped to manage the challenge of bringing a tighter focus to the SMB segment and its’ sub-market segments.  Analytics of your SMB customer database is like fighting numbers with numbers – you can contain the data but without behavioral insight – you will not be able to get inside them.  The call to action now is for organizations to bring more science and evolution to the challenge.  Why?  Because buyers in general have changed so rapidly in the last three years alone that gaining a competitive edge has become much more complex.

Getting Descriptive

Going beyond conventional methods of segmenting the SMB customer base means getting more descriptive about how SMB buyers behave and how goals drive their behaviors.  This includes getting a good sense about their Buyergraphics – their attitudes, perceptions, values, information needs, and more.  The attempt here is to answer some tough questions that help to bring more focus to an SMB strategy:

Who are our best customers in the SMB segments and why?

In what SMB sub-market segments are our best customers?

Who are our best prospects and in which SMB sub-market segment are they?

What are the best means of engaging our best SMB customers and best SMB prospects?

Descriptive buyer modeling helps you to get answers to these questions and gives you insight into the data as well.  In the previous article I stressed the importance of buyer modeling to help get to know your SMB buyers.  Modeling buyers and portraying them via buyer personas and scenarios helps you get to the first two questions mentioned.  To help round out the SMB buyer picture, learning their attitudes towards your product, service, or technology and how these attitudes drive information needs help to get deeply descriptive.  There are three specific buyer modeling efforts that can help shed light on the attitudes and goals driving SMB buyer behavior and help inform buyer-based marketing strategies:

Buyer Mental Models: collecting a picture of SMB buyer attitudes, perceptions, and goals that influence buying decisions can be a descriptive means for segmenting as well as buyer-based communicating.  For example if your product technology is getting high marks for user-friendliness and there is strong attitudinal resistance to perceived complex technology in 3 out 5 identified sub-markets, then  creating buyer-based marketing strategies around this mental model is one way of segmenting.

Buyer Content Models: identifying the information needs and goals of buyers today extends well beyond just the concept of content marketing.  With the rise of SMB sub-market segments engaging not only in new technologies but forming new ecosystem, the information needs of SMB buyers are vastly different and changing rapidly.  Carrying the above example further, the information needs of the 3 sub-markets may vary differently in context and how information is shared amongst both suppliers and partners.  More and more, organizations will need to think context-based marketing and context-based selling as opposed to just content-based marketing.  While this will apply to all types of businesses, I believe this will be especially true for the SMB markets.

Buyer Experience Models: how SMB buyers view, perceive, and expect experience is undergoing transformative gyrations.  The way SMB buyers experience inbound marketing and other newer technology-based marketing and sales is certain to be different than larger enterprises.  There are many more what I call Buyer Moment of Truth in SMB that are frankly invisible to marketers and sellers today.  Not identifying where these moments of truth are can be a significant disadvantage in laying out both inbound and outbound marketing and sales strategies.  Understanding experiences is important since they are instrumental in shaping attitudes, perceptions, and perceived values.  For the examples mentioned, previous experiences with technology not yet cleared of bugs may have created entrenched resistance to both new and complex.  Reshaping thinking around experience can then become an important strategy.

Modeling SMB buyers to a deeper level and around the three modeling efforts mentioned gets organizations closer to a true buyer-based marketing effort.  In addition, it gives more robust ability to segment SMB by behavior and context.  Buyer-based marketing can be most effective when it addresses how buyers behave and understanding the context of why they make purchase decisions.

Informed with behavioral buyergraphics that hone in on buyer behaviors and how they are influenced by mental models, information needs, and experience can be a powerful way to resonate with SMB buyers.  Getting at the heart of their contextual environments, which will vary by sub-market segments, gives the insight needed to develop specific buyer-based marketing strategies that defies one-size fits all.   When it comes to the dilemma of how to make sense of thousands of SMB customers and prospects, taking these steps eliminates wasteful guessing and pinpoints buyer-based marketing at the right buyer, the right sub-market, the right context, and the right time.

Next Up: Connect With SMB Buyer Through Buyer-Based Selling

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7 Burning Questions for B2B Marketers in 2012

image from www.flickr.comAsking good questions was seared into my mental consciousness by several mentors early in my career.  This notion was further influenced by prodigious reading of Peter Drucker.  The premise being that good questions help you to focus and to get to the heart of what matters most.  Here’s what I’ve learned over the years: it is hard to do and it takes practice!  As I think about the future for B2B Marketers, these questions ring the loudest:

Who Are Our Customers?

We are undergoing the most significant changes in buyer behaviors in several decades as well as seeing the rise of connected social buyers, albeit younger, who behave much differently than traditional buyers.  As simple as the question sounds, it is still the hardest question for businesses to answer.  With existing buyers, new buyers, and expanding markets constantly in transition – getting insight into answering this question will need to be on top of the list.

Where Did Our Customers Go?

If we randomly picked a ten page year-end report, it would be a good bet that somewhere on page eight or nine in the third paragraph there is mention of it.  You know what I am talking about.  The one about, in management speak of course, losing existing customers or prospective buyers dropping out of the pipeline.  If you don’t have solid answers on where they’ve gone – and why – then it is a safe bet you might see increases in next year’s ten page report.

How Do We Create A Better Buying Experience?

With distinctive differences between products and services narrowing substantially, experience-centered marketing and relationships will be the coveted playing field to win on.   When was the last time your organization reviewed processes, systems, departments, and the likes to determine whether they added value to the buying experience?  Were processes or systems put in place, now in hindsight, to address an anomaly that occurs in less than 3% of all situations?  Meaning, the remaining 97% of existing customers and prospective buyers have to go through hurdles that in the end may cause them to say: forget it!

What Is The Best Way To Interact Directly With Customers?

If we totaled all of the articles written in 2011 in the B2B world, it would make you think that there is nothing happening after this so called 70% window where buyers don’t want sales interaction.  Well, ignore at your own peril.  What has happened is that it has raised the stakes on the remaining 30-40% where direct interaction from sales is still needed.  In service what is the best means for direct interaction?  In sales, what resources should be dedicated to field sales versus inside sales?   What in the world is social selling and what do we do about it?

How Do We Best Equip Our Employees For The New Way Of Business?

If you haven’t noticed, buyers are a changing.  Meaning your organization cannot stand pat without changing also.  Buyers are expecting their suppliers and vendors to change with them.  If there is a growing perceived gap between how much they’ve changed and how much you haven’t – could mean they will go elsewhere.  It is time to look at the talent needed and the equipping technologies needed to have employees ready to do business in a new way.

How Do we Best Assimilate Social Media Into Our Business – The Right Way?

Enriching experiences with social media is here to stay.  The cabling has been laid out and becoming hardwired into the mainstream conscious of every business.  If you resisted, it is time to take a fresh look and ease up on the tight grip you’ve had on social media expenditures.  Granted, the hype was spectacular and some companies bet their whole marketing budget on social media.  Those who did will probably rethink that idea and be much the wiser going forward.

What Exactly Is Doing Content Marketing The Right Way?

Many B2B companies are grappling with the ideas behind content marketing and content strategy.  It all sounds good – give existing customers and prospective buyers’ great content and that should result in gains in customer loyalty and buyer conversions.  How to make that happen is where the grappling is taking place.  When does too much content do more harm than good?  When does too little content hurt conversions?  What exactly is good content versus bad content?

As you see, the questions could never end.  The important take away is to be sure to ask them.  Ignoring them and sweeping them under the rug will only make the rug a little bumpy.  And one day, buyers will simply pull the rug out from underneath you.

(Image by Kenny Madden © All rights reserved)

 

 

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